North Cyprus News | Online News for North Cyprus

Cyprus Airways shuts down

Cyprus Airways shuts down

January 10
02:43 2015

Cyprus Airways has had shut down following an EU decision that the company must repay over 65 million euros in illegal state aid, BBC online news reports.

The EU commission found that the Cypriot government had broken EU rules on supporting companies in financial difficulties.

CA had been receiving aid regularly between 2007 and 2013.

The South Cyprus government had been struggling to find outside investors to save the largely state-owned company from total collapse.

Finance Minister Harris Georgiades said that “the company has ceased being a viable entity, and cannot continue to operate.”

Alternative arrangements would be made covering Cyprus Airways flights from Saturday, he said.

 

Local Weather

Kyrenia, Cyprus
19°
16°
Tue
13°
Wed
12°
Thu
12°
Fri
Weather from OpenWeatherMap

Lira Exchange Rates

USD
USD
3.7845
EUR
EUR
4.6450
GBP
GBP
5.2733

Upcoming Events

  1. Whirling Dervish

    January 22
  2. North Nicosia Walking Tour

    January 22
  3. Lemar Market

    January 22 @ 10:00 am - 3:00 pm
  4. Whirling Dervish

    January 23